HPCL slips after recording loss of Rs 2172 crore in Q2

Hindustan Petroleum Corporation (HPCL) on Thursday reported back-to-back quarterly losses for the first time.

The state-owned refiner suffered a Rs 2,172.14 net loss in July-September after losses from a freeze on petrol and diesel prices couldn’t be made up by accounting for a one-time government grant that came after the quarter had ended.

The Q2 loss compares with Rs 1,923.51 crore profit in the same period last year. HPCL posted a record loss of Rs 10,196.94 crore in the April-June quarter.